NatWest/RBS Business Banking Account Switch - £4000 cashback for switching from NatWest/RBS to another bank

Posted 5th Oct 2020
Before I start, I have no idea how to classify this on HKUD, so please bear with me.
businessbankingswitch.natwest.com/
Switch your Business Banking AWAY from either NatWest or RBS to another approved bank, Starling in my case, and be paid by NatWest/RBS for doing it.

When RBS was partly taken over by the tax payer, part of the agreement was for the banks to introduce more competition in current accounts. The deadline seems to be approaching for this and they have increased the cash backs.

I’ve just moved my business account from NatWest to Starling and was paid £4000 2 days after the switch completed.

If you have a business account, you enter your account details and it will tell you if you qualify and what the cashback would be for you.

The switch is handled in a similar way to personal bank account switching where they deal with all the direct debits,etc...

Link for RBS : businessbankingswitch.rbs.co.uk/

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What is Business Banking Switch?
Business Banking Switch is an incentivised switching scheme. Launched in February 2019, it’s been set up to reward eligible NatWest customers who switch their business current accounts to one of the participating banks.
The scheme has been designed to provide offers that are better than those normally available on the market, such as free banking and cash incentives.

Why is this happening?
In 2008 and 2009 we received financial support from the UK Government. As a result, we made a commitment to help increase competition in UK business banking and reduce our market share.
Previously, it meant that certain business and commercial customers were due to become part of a new bank, Williams & Glyn, but this is no longer going ahead. Instead, an alternative proposal – Business Banking Switch – was approved by the European Commission in 2017.
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